UNGA adopts resolution on Bangladesh’s graduation from least developed country category

Xinhua Xinhua

25th Nov, 2021. 02:39 pm
UNGA adopts resolution on Bangladesh's graduation

The United Nations General Assembly (UNGA) has adopted a resolution on allowing Bangladesh to move into the developing country grouping from the least developed country (LDC) category, Gazi Towhidul Islam, Bangladesh’s Finance Ministry spokesman, told Xinhua Thursday.

He said the UNGA adopted the historic resolution during the 40th plenary meeting of its 76th session following a recommendation of the Economic and Social Council (ECOSOC), one of the six principal organs of the United Nations (UN), for Bangladesh’s graduation from LDC.

The country’s Finance Minister AHM Mustafa Kamal has termed it as a great landmark in the development journey of Bangladesh which was included in the LDC category more than four decades ago.

“This is a recognition of the incredible socio-economic progress that has been attained under the prudent leadership of the honourable

Prime Minister Sheikh Hasina over the years,” the minister was quoted as saying in a Finance Ministry prepared statement received here Thursday.

“People from all walks of life of this country have contributed to this historic success,” he added.

Earlier, according to officials, the Committee for Development Policy (CDP) of the United Nations recommended Bangladesh for LDC

Graduation during its triennial review meeting held in February this year.

The CDP also recommended providing an extended preparatory period of five years for Bangladesh spanning from the year 2021 to 2026, said the official.

The recommendation had been duly endorsed by the ECOSOC of the United Nations on June 8, 2021.

Officials said this achievement will further brighten the overseas image of the country and will accelerate the ongoing development pace.

As per the rules of CDP, a country can enjoy a three to five years long preparatory period after being recommended for graduation.

Since Bangladesh has received a five-year preparatory period for graduation as per the recommendations of CDP, the country will formally graduate from the LDC status in 2026.

During this preparatory period, Bangladesh would be entitled to enjoy all the international support measures reserved for LDCs.